Ukraine has announced that it will legalize cryptocurrency and has unveiled a path for the adoption of cryptocurrencies. Ukraine’s Ministry of Economic Development and Trade are beginning the process for the legalization of virtual assets, an endeavor that is projected to take three years. According to the announcement:

“The Economic Development Ministry initiates the adoption of the concept of state policy in the field of virtual assets, the purpose of which is to create understandable conditions for conducting activities in the field of virtual assets and virtual currencies.”

Key terminologies will be defined in this time period such as “virtual currency/cryptocurrency, virtual assets, ICO/ITO, mining, smart contracts and token,” The purpose of this is to establish parameters for operating in the space, including the tens of thousands of crypto engineers that are engaged by Silicon Valley startups. It could also bolster the amount of international investment that is directed into Ukrainian blockchain startups.

Crypto policy will be crafted over two stages that will unfold between now and 2021.

Member of Parliament, Alexei Mushak made a statement a few months ago saying blockchain development would be nurtured across sectors of the economy while holders of crypto would be protected from “unsubstantiated criminal prosecutions.” Meanwhile, the law will also be designed to fight fraud such as “money laundering and terrorism financing” that tends to be associated with an “underground” crypto market that was common in Ukraine under a different administration.

After the Chinese court recently announced that transactions through Bitcoins is not prohibited by law, legalization of cryptocurrencies in Ukraine certainly depicts the slow but necessary global acceptance of cryptocurrencies.

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